“When Apple launched Apple Pay last year, the more progressively minded in the payments industry were disappointed that it decided to work closely with credit card networks and avoided disrupting yet another industry it entered,” Jason Del Rey reports for Re/code. “They may yet get their wish.”
“Apple is now in talks with banks about the development of a new payment service that would allow iPhone users to send money to another iPhone user,” Del Rey reports. “And there’s a chance that Apple will attempt to bypass Visa and MasterCard in the process by working directly with banks on this project, one source with knowledge of the talks said.”
“Although Apple’s strategy has not been fleshed out, the current idea could cost the credit card companies if it becomes a hit (yes, it’s a big ‘if’),” Del Rey reports. “But more importantly, it would set a dangerous precedent for the card networks if Apple, as one of the most powerful technology companies in the world with a track record for shaping consumer habits, builds a new payment product that routes money around their pipes.”
Read more in the full article here.
MacDailyNews Take: The payments industry is in the midst of some very big changes. Technically, what’s to stop Apple from becoming a bank, itself?
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